Best Memorial Day Car Deals For 2020

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Senior Pricing Analyst

As CarsDirect’s resident pricing analyst, Alex offers must-know analysis of pricing & incentives to those looking to buy or lease a car. His consumer-oriented coverage of the latest trends and breaking news has been featured in publications such as Car and Driver, Motor Trend, Automobile Magazine and Autoblog.

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, Senior Pricing Analyst - May 22, 2020

Get continuous coverage of the latest Memorial Day deals

We've put together a list of Memorial Day car deals worth knowing about for buying and leasing. New & used car shoppers will find over two dozen brands offering deals to help consumers during the coronavirus pandemic. However, automakers have already started scaling back some of these COVID-19 deals in May 2020.

CarsDirect's team will provide ongoing Memorial Day coverage based on the latest information. Expect holiday sales to continue rolling in as we approach the holiday on May 25. So far, the best deals involve 0% APR for 84 months, double-digit savings, as well as some of the cheapest lease deals that we've ever seen.

Offers listed here are available nationally unless noted otherwise.

This article was originally published on May 7.

Latest Updates:
Acura is now offering 72-month financing
Toyota has introduced 0% APR on the Supra
Mazda buyers can now get an extra $500 off
Ford is offering 0% APR on its newest vehicles
Hyundai has doubled its First Responder discount

Acura Memorial Day Sale New

Acura RDX

As of May 22, Acura is now offering 72-month financing at just 0.9% APR. This marks a rare deal that can significantly lower your monthly payment. Previously, the best deal on popular vehicles like the 2020 RDX was 0.9% for 60 months. Build & Price Your RDX »

As part of its response to COVID-19, the brand is also offering deferred payments for 90 days. Coming from another Acura? You may qualify for a $750 loyalty discount when buying or leasing. As before, the ILX and TLX are among the cheapest luxury cars you can lease.

In the case of the 2020 TLX, offers start at $279 for 24 months with $2,499 due at signing when coming from a competitor or another Acura. With an effective cost of $383/month, that makes it $5 cheaper than a Honda Accord EX-L in many parts of the country. Build & Price Your TLX »

Most offers end June 1.

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    Toyota Memorial Day Sale Updated

    Toyota RAV4

    Every Toyota buyer should know that the brand is offering 0% financing for 60 months on the 2020 RAV4, Camry, and Tacoma. The deal was introduced late last month and marks a rare opportunity to reduce your interest cost to zero.

    In the case of the popular RAV4, this is the first time we've seen interest-free financing in well over a year in most parts of the country. Build & Price Your RAV4 »

    As of May 21, the brand is now offering interest-free financing on its most expensive car, the 2020 Supra. This marks the best deal to date, and is just one of many deals you'll find on fast cars this holiday weekend. Build & Price Your Supra »

    In response to COVID-19, Toyota is also offering to defer your first month's payment for up to 90 days. As before, all Toyotas also come with 2 years of free routine maintenance. That said, models like the Yaris rank among the worst cars to lease and can be far better to buy rather than lease.

    Offers end June 1.

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      Mazda Memorial Day Sale Updated

      Mazda CX-30

      Mazda offers vary by region. On May 20, Mazda began offering a $500 financing bonus in the Northeast on the 2020 CX-30, MX-5 Miata, and Mazda6. The only way to get the offer is to take out a loan, but that's not a bad thing because the brand cut rates to 0% APR back in April.

      On May 21, Mazda will begin offering Memorial Day Bonus Cash in some parts of the country. On the West Coast, the incentive will be worth $500 off all 2020 models. Even better, you'll be able to combine the offer with other incentives for both buying & leasing.

      In the case of the CX-30, shoppers can stack the offer with 0% APR for 60 months with no payments for 90 days. Current Mazda owners will also be able to take advantage of a $1,500 loyalty discount. That's a total of $2,000 plus 0% APR! Build & Price Your CX-30 »

      Offers end June 1.

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        Ford Memorial Day Sale Updated

        Ford Explorer

        Ford is offering 0% APR for 72 months across nearly its entire 2020 lineup. While that's not as good as its deal of 0% APR for 84 months on 2019 models, the odds of finding newer vehicles like the 2020 Escape are considerably better now that last year's stock has largely sold out.

        That said, Ford's best deals may not be what you think. For example, the 2020 Explorer XLT also offers 0% APR for 60 months plus $3,000 in cash. This can result in a $3,000 advantage in cost compared to the 72-month deal, which can't be combined with cash incentives. Build & Price Your Explorer »

        Interestingly, our analysis finds that the 2019 Ranger can still be found and ranks as one of the best deals on a truck with 0% APR for 84 months. You won't ever see a deal that good on a Toyota Tacoma at any point in the year. Build & Price Your Ranger »

        Alternatively, the 2019 Mustang Bullitt is still available in limited numbers and is eligible for the exact same deal. We consider it one of the best deals on a performance car for Memorial Day. Build & Price Your Mustang »

        Keep in mind Ford also offers a military discount as well as special Plan Pricing for those affiliated with eligible organizations.

        Offers end June 1.

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          Hyundai Memorial Day Sale Updated

          Hyundai Palisade

          On May 18, Hyundai & Genesis doubled their Military and First Responder Bonus to $1,000. The program is available to active and retired military personnel, active first responders, healthcare workers, and hospital employees. An added benefit is that the discount can be transferred to spouses.

          Hyundai is also offering 0% APR for 84 months with no payments for 90 days, but the number of eligible vehicles has gone down. The 2020 Tucson SE is currently one of the best 0% APR deals on an SUV given that the alternative is a $2,000 rebate. Build & Price Your Tucson »

          If you're looking to lease, the 2020 Elantra is one of the best cars you can lease with prices starting at $139/month. For something with a bit more space, the 2020 Santa Fe remains the cheapest midsize SUV you can lease and is the best deal on an SUV for Memorial Day.

          Offers end June 1.

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            GM Memorial Day Sale

            Cadillac XT4

            Beginning May 15, Cadillac buyers in select regions can get up to an additional $1,000 in bonus cash. The best part is that you can combine the offer with other cash incentives and low-interest financing. Most 2020 Cadillacs already feature 0% APR for 60 months, or 0.9% for 72.

            The biggest discount is a $1,000 bonus on the 2020 XT4 that you can combine with a $1,500 rebate for $2,000 in savings plus 0.9% financing for 72 months. Most brands make you choose between rebates and low APR, but that's not the case here. Build & Price Your XT4 »

            The 2020 CT5, XT5, XT6, and Escalade all feature a smaller bonus worth $500. Note that this is a regional offer we're seeing in cities like Los Angeles and Tampa, and states like New Mexico and Texas. We'll update this page if we see offers improve in other parts of the country.

            As before, Chevy is continuing to offer 0% APR for 84 months, although recent changes favor GMC & Buick models. For example, the 2020 Canyon now ranks among the best deals on a midsize truck with a big advantage in estimated cost compared to the Chevy Colorado. Build & Price Your Canyon »

            That said, we consider the 2020 Silverado to be Memorial Day's best truck lease with offers as low as $305/month if you qualify for every possible discount. At that price, the brand's bestselling truck can be cheaper to lease than a Chevy Sonic. Build & Price Your Silverado »

            Offers end June 1.

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              Lexus Memorial Day Sale

              Lexus RX

              On May 15, Lexus cut rates to 0% APR for 60 months. Previously, the best rate was 0.9%. On a $50,000 vehicle like the 2020 Lexus RX, this can translate to a difference in payment of $30/month or $1,152 over the course of 5 years. Build & Price Your RX »

              Every single model is eligible, ranging from the affordable Lexus UX crossover to the over-$100,000 LC coupe. But that's not all.

              Used car rates have been cut as well. Lexus Certified is now offering 0% APR, the lowest 36-month rate we've ever seen from Lexus. Eligible models include 2016-2018 versions of the Lexus IS, ES, NX, and RX. View Used Lexus Listings Near You »

              As usual, members of the military can get a $1,000 discount when financing or leasing.

              Most offers end June 1.

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                Jeep Memorial Day Sale

                Jeep Gladiator

                Jeep is offering California buyers a $2,000 bonus on the 2020 Gladiator Overland. However, what makes this deal great is that you can stack it with an Employee Pricing offer introduced last month. The calculation is 5% less than the invoice price plus a $200 fee.

                Altogether, Jeep says that's worth $7,086 off MSRP. Build & Price Your Gladiator »

                Nationally, offers from Jeep and Fiat Chrysler's other brands are a bit less attractive in May. That's because last month's 0% APR deal for 84 months has been canceled in favor of a shorter 72-month offer. That said, we've learned that Jeep has brought back 84-month financing but at 0.9% APR.

                Compared to a 7-year loan at 5%, a rate of 0.9% can translate to a savings of over $6,000 in the case of a $40,000 vehicle like the 2020 Jeep Grand Cherokee. Just be sure to weigh some of the pros & cons of 84-month financing before making a decision.

                Offers end June 1.

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                  Honda Memorial Day Sale

                  Honda CR-V

                  Honda has expanded Sign & Drive leases to include the 2020 HR-V and CR-V crossovers. In addition to requiring no money down, the prices you'll see advertised also include your first month's payment. Prior to this month, the only model eligible for the offer was the 2020 Civic.

                  The bestselling CR-V now starts at $320 for 36 months for the LX trim, although better incentives make the EX just $20 more to lease despite a $2,510 difference in MSRP. As a result, we consider the EX one of the best leases on an SUV in May. Build & Price Your CR-V »

                  Those looking to buy should know Honda is offering more 72-month loan options. However, the best rate in most cases is still just 2.9% APR. As before, Honda is also offering to defer your first payment for 90 days and is offering an extra $500 for healthcare workers.

                  Offers end June 1.

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                    , Senior Pricing Analyst

                    As CarsDirect’s resident pricing analyst, Alex offers must-know analysis of pricing & incentives to those looking to buy or lease a car. His consumer-oriented coverage of the latest trends and breaking news has been featured in publications such as Car and Driver, Motor Trend, Automobile Magazine and Autoblog.

                    Follow On: Twitter

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